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Decision details

July Financial Review

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

The Leader of the Council delegated authority to the Cabinet to make the following decisions:

 

RESOLVED: To approve

 

1.    The approach to ensuring the financial challenge of the financial year 2020/21 is managed efficiently and effectively including delegation of decisions on measures to deliver the 2020/21 budget to the Cabinet Member for Finance and Resources in consultation with the relevant Cabinet member.

 

2.    The amendment to the capital programme as detailed in section 8 of the report.

 

3.    The continued use of capital receipts for funding transformation as detailed in section 9 of the report.

 

4.    The approach to dealing with the financial impact of Covid19, including the financial returns to MHCLG and the discussions with them.

 

5.    The principle of the agreement to enter into a loan with M&G for investment in affordable housing as set out in section 11 of the report.

 

RESOLVED: To note

 

6.    The final outturn of the 2019/20 revenue budget as detailed in section 3 of the report.

 

7.    The final outturn of the capital programme for 2019/20 as detailed in section 3 of the report.

 

8.    The slippage within the capital programme from 2019/20 into 2020/21 is under review. Approvals being sought will be presented to Cabinet as part of the Q1 financial monitoring report.  The current agreed capital programme is detailed in Section 8 of the report.

 

9.    The update on the Revolving Investment fund as detailed in section 3.15 of the report.

 

10.The changes being proposed for the budget setting process and Medium Term Financial Strategy (MTFS), and that more details will be presented to the cabinet in September 2020.

Report author: Jacqueline Harris Baker

Publication date: 28/07/2020

Date of decision: 20/07/2020

Decided at meeting: 20/07/2020 - Cabinet

Effective from: 29/07/2020

Accompanying Documents: